Even though companies are already increasingly aware of the business opportunities and benefits offered by the circular economy, large companies are often incapable of rapidly introducing new solutions to the markets. Growth companies are often quicker to react and are more flexible when it comes to offering the latest circular economy solutions. However, they often have limited resources and face more challenges when sourcing customers.
The LOOP Ventures programme established by Sitra and Avanto Ventures accelerates the development of ideas generated by large companies into circular economy solutions for the markets. LOOP connects large companies with growth companies providing solutions and offers the tools, co-operation partners and know-how for developing new business activities. Nordic Innovation later joined the programme as one of its administrators.
The accelerator phase usually lasts about three to six months. Large companies, growth companies and investors are all welcome to apply to the programme. Furthermore, organisations such as institutes of higher education, foundations and city councils may participate by providing know-how or acting as test platforms for new business activities. The programme’s focus for 2018 and 2019 has been on accelerating the ideas of Nordic companies.